SWOT Analysis: Shark Tank

One of my favorite shows on TV right now is Shark Tank. If you haven't ever seen an episode, this is the episode we watched in class today when we did the SWOT analysis!

Logos & Slogans

Businesses use logos and slogans to create their "brand" and appeal to their target market.

What are your favorite businesses?  What is their logo and slogan?  Look them up if necessary.

Logo Articles:
Can you find the hidden images in these logos?
5 Examples of Stellar Logo Design and Packaging

Logo Games:
Click here to play a Logo game!
Can you name the company from their logos?

List of some familiar slogans:
Think Slogans list

Slogan Games:
The Awesome Slogan Quiz

Branding

First, think of you favorite brand.  What is their logo and slogan? (look it up) How do they try to appeal to their target market?  Does the "look" of their advertisement catch the attention of their potential customers?

What is Branding?

        Branding is the image and characteristics you want your business to be perceived as.  Think of TARGET.  How are they perceived based on their ads, logo, etc...?  Does it work to appeal to a certain type of customer?

Branding is one of the most important aspects of any business.  An effective brand strategy gives you a major edge in increasingly competitive markets.  It helps you stand out from similar businesses.

Simply put, your brand is your promise to your customer. It tells them what they can expect from your products and services, and it differentiates your offering from your competitors'. Your brand is derived from who you are, who you want to be and how people perceive you to be.

The foundation of your brand is your LOGO. Your website, packaging and promotional materials--all of which should integrate your logo--communicate your brand.

JONES SODA Activity

(yes, you get to drink some PB&J Jones Soda AFTER our activity)

1. Have you tried this soda before?

2. Look at their website.  Who do you think their target market is, based on their image?  http://www.jonessoda.com/

3.  Let's confirm who THEY SAY their target market is, based on their annual report. Click here and read the section called "Building Our Brand" (page 3 of report, page 11 of whole document). You may also find the history interesting, page 1 of the report (page 9 of the whole document)

4.  Do you think they successfully reach their target market?  Why or why not? Note that they are not trying to appeal to everyone! 

5.  How would the photo gallery competition create more "buy-in" from their customers?

6.  Would you be daring enough to try the Turkey and Mashed Potatoes soda at Thanksgiving?

Time to Advertise: Rules for WCS Campus Ads

• Ads must be approved by teacher.  We check for spelling, grammar, etc...and make sure all the elements are on the Ad.
• Food sales Ads go up one week before event.  Workshop or Party event Ads need to be up 2 weeks in advance.  This is for your success. 
• Ads can only be placed on whiteboards in middle school.  Stairwells and bulletin board in LS are fine, if you talk to the secretary first.  You can create a monitor slide, which your teacher will forward to the correct people.
• Lunchtime "commercials" are an option, but must receive prior approval from Dean Dokken (MS) or Mrs. Eubank (LS). You also must get permission from teacher if you are leaving a class to make the lunchtime announcement.  You cannot say, "Mrs. Brake says I need to..."  If they say no, then you cannot do it. 
• Advertisement poster or monitor slide must contain:

1. Name of Business
2. Logo
3. Slogan
4. WHAT the business is selling (the product or service)
5. Contact Information
6. Date and Time
7. Location
8. Cost
9. Must contain this phrase, for purposes of business office:      "This is an Entrepreneurship class business.  10% of the net profit will go to (fill in name of donation center you chose)"

The Design Process

Market Research

Topics covered today:
What is a PROTOTYPE?
What is MARKET RESEARCH?

What Types of Market Research are there?  Which types do the Millionaire Inventors use?
Click here to watch "Millionaire Inventor"

SURVEYS:  Face-to-face, Email, Telephone, etc…  Businesses can offer samples of their product to evaluate response  (how could you do this with your business?)

FOCUS GROUPS:  A group of people are brought together to ask questions or lead a discussion which can provide direction for the business idea.  Answers are usually more personal than a survey.  Usually videotaped or recorded in some way
     
PERSONAL INTERVIEWS:  Unstructured, open-ended questions (not “yes or no” questions). While this doesn’t give a broad sense of a target market, it can raise issues like what was wrong with previous products in that category…

OBSERVATION: Individual responses to surveys and focus groups are sometimes at odds with people’s actual behavior. When you observe consumers in action, you can observe how they buy or use a product. This gives you a more accurate picture of customers’ usage habits and shopping patterns.

FIELD TRIALS:  Placing a new product in selected stores to test customer response under real-life selling conditions can help you make product changes, adjust prices, or improve packaging.  (HOW COULD YOU DO THIS AT WCS?)

9/9 Bellwork

1. Open the blog you created last week.
2. Verify that you have added the blog to your bookmark bar.
3. Click on the web address to highlight it.
4. Right click on the highlighted web address and select "Copy".
5. Click on the following link and paste the web address in the row with your name, under the heading URL: Click Here!
6. Fill in the name of your business if you have one. If not, leave it blank.
7. Wait quietly!

Spotlight on Entrepreneurs: Steve Jobs

Steve Jobs was born in San Francisco, California, on February 24, 1955, to two University of Wisconsin graduate students who gave him up for adoption. Smart but directionless, Jobs experimented with different pursuits before starting Apple Computers with Steve Wozniak in 1976. Apple's revolutionary products, which include the iPod, iPhone and iPad, are now seen as dictating the evolution of modern technology. He died in 2011, following a long battle with pancreatic cancer.

Text & video provided by: www.biography.com (Accessed on 9/4/2015)

9/2 Bellwork

1. Come in and quietly find your seat.
2. Sign into eBackpack and read the instructions carefully.
3. Complete the assignment.
4. Turn in the assignment.
5. Wait quietly and read the following post titled "Spotlight on Entrepreneurs" until everyone is finished

Spotlight on Entrepreneurs: Milton Hershey

Milton Snavely Hershey (September 13, 1857 – October 13, 1945) was an American confectioner,
philanthropist, and founder of The Hershey Chocolate Company and the "company town" of Hershey, Pennsylvania. Hershey established the Lancaster Caramel Company, which quickly became an outstanding success. Utilizing a caramel recipe he had obtained during his previous travels, his company prospered. It was this business that established him as a candy maker, and set the stage for future accomplishments.

Using the proceeds from the 1900 sale of the Lancaster Caramel Company, Hershey initially acquired farm land roughly 30 miles northwest of Lancaster, near his birthplace of Derry Church. There, he could obtain the large supplies of fresh milk needed to perfect and produce fine milk chocolate. Excited by the potential of milk chocolate, which at that time was a luxury product, Hershey was determined to develop a formula for milk chocolate and market and sell it to the American public. Through trial and error, he created his own formula for milk chocolate. The first Hershey bar was produced in 1900. Hershey's Kisses were developed in 1907, and the Hershey's Bar with almonds was introduced in 1908. Hershey was on his way to owning the largest chocolate company in the world!

Interesting Fact: In 1912, the Hersheys were booked to travel on the ill fated British luxury liner RMS Titanic. They canceled their reservations at the last minute due to business matters requiring Hershey's attention. The former Hershey Museum displayed a copy of the check Milton Hershey wrote to the White Star Line as a deposit for a first-class stateroom on the Titanic.

Text provided by Wikipedia (accessed 9/2/2015)